TORONTO, May 28, 2014 /CNW/ - Harbour Equity Capital Corp. ("Harbour Equity"), manager of the Harbour Equity Joint Venture Development Fund (the "Fund"), is pleased to report that the Fund has closed on two new joint venture developments. Harbour Equity provides equity capital to experienced developers across Canada by way of joint venture for new developments and redevelopments where "value-add" opportunities exist.
These new joint venture development projects consist of a 35 unit infill townhouse project in Toronto, Ontario and a 72 unit mid-rise condominium development in Halifax, Nova Scotia. Both investments provide the developers an opportunity to leverage the Fund's capital in order to better scale their business and focus on multiple projects concurrently. Harbour Equity continues to welcome joint venture opportunities in a broad range of asset classes, including for-sale and for-rent residential, retail, office, and industrial developments, as well as purpose built projects such as seniors housing, student housing and self-storage.
The Fund will continue to target development opportunities at the time of land acquisition, with investments focused on projects with total costs between $10 million and $50 million and total equity requirements in the range of $2 million to $10 million.
About Harbour Equity Capital Corp.
Harbour Equity is a dedicated real estate private equity company providing equity capital to proven real estate developers with a history of achieving superior risk-adjusted development returns. Harbour Equity is part of Harbour Capital Group, a multi-dimensional real estate investment platform. Harbour Equity currently manages 13 joint venture projects through the Joint Venture Development Fund and project specific limited partnerships. Harbour Equity's website can be found at www.harbourequity.com.
SOURCE: Harbour Equity Capital Corp.
For further information: Ari Silverberg, President, Harbour Equity Capital Corp., (416) 361-3315 x238, [email protected]; Alan Winer, Managing Partner, Harbour Capital Group, (416) 361-3316, [email protected]